Chemung Financial (NASDAQ:CHMG) Shares Cross Above 200-Day Moving Average - Time to Sell?

Chemung Financial Corp (NASDAQ:CHMG - Get Free Report) passed above its two hundred day moving average during trading on Monday . The stock has a two hundred day moving average of $47.58 and traded as high as $51.63. Chemung Financial shares last traded at $51.60, with a volume of 16,076 shares traded.

Analysts Set New Price Targets

Several research analysts have commented on CHMG shares. Keefe, Bruyette & Woods decreased their price objective on shares of Chemung Financial from $60.00 to $55.00 and set a "market perform" rating for the company in a report on Tuesday, April 22nd. Piper Sandler decreased their price target on shares of Chemung Financial from $54.00 to $50.00 and set a "neutral" rating for the company in a research note on Tuesday, April 22nd.

Chemung Financial Stock Performance

The company has a current ratio of 0.89, a quick ratio of 0.89 and a debt-to-equity ratio of 0.39. The company's 50 day moving average is $47.62 and its 200-day moving average is $47.64. The company has a market capitalization of $251.59 million, a P/E ratio of 11.08 and a beta of 0.37.

Chemung Financial (NASDAQ:CHMG - Get Free Report) last released its quarterly earnings data on Friday, April 18th. The bank reported $1.26 earnings per share for the quarter, beating analysts' consensus estimates of $1.22 by $0.04. The business had revenue of $25.71 million during the quarter, compared to analyst estimates of $25.90 million. Chemung Financial had a net margin of 14.95% and a return on equity of 10.47%. Equities analysts anticipate that Chemung Financial Corp will post 5.38 EPS for the current fiscal year.

Chemung Financial Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, July 1st. Stockholders of record on Tuesday, June 17th were issued a dividend of $0.32 per share. This represents a $1.28 dividend on an annualized basis and a dividend yield of 2.44%. The ex-dividend date of this dividend was Tuesday, June 17th. Chemung Financial's payout ratio is presently 27.00%.

Hedge Funds Weigh In On Chemung Financial

Institutional investors and hedge funds have recently made changes to their positions in the business. Russell Investments Group Ltd. boosted its holdings in shares of Chemung Financial by 104.2% in the fourth quarter. Russell Investments Group Ltd. now owns 1,703 shares of the bank's stock worth $83,000 after buying an additional 869 shares during the last quarter. Nuveen LLC purchased a new position in Chemung Financial during the first quarter valued at approximately $228,000. Jane Street Group LLC purchased a new position in Chemung Financial during the first quarter valued at approximately $255,000. Wells Fargo & Company MN lifted its holdings in Chemung Financial by 8.2% during the fourth quarter. Wells Fargo & Company MN now owns 5,496 shares of the bank's stock valued at $268,000 after purchasing an additional 416 shares in the last quarter. Finally, Modern Wealth Management LLC purchased a new position in Chemung Financial during the first quarter valued at approximately $290,000. Hedge funds and other institutional investors own 47.50% of the company's stock.

Chemung Financial Company Profile

Chemung Financial Corporation operates as a bank holding company for Chemung Canal Trust Company that provides a range of banking, financing, fiduciary, and other financial services. The company provides demand, savings, and time deposits; non-interest and interest-bearing checking accounts; and insured money market accounts.